Replies to This Discussion

Permalink Reply by Marcy Moyer on July 24, 2012 at 7:06am

Wells does have at least one investor who will not agree to a short sale unless sellers have missed a payment. I have had sellers who decided to start missing payments in order to get approval after first approval without missing payments was declined. It makes no sense, but that was how they were able to get approval.

Permalink Reply by Ben Benita on July 24, 2012 at 10:07am

they likely need to skip payments.....9 times out of 10 that will get ANY banks attention.

Also try reaching out to the Investor directly, they can likely make exceptions to ANY issue you have.

Permalink Reply by Ellen Kirwan on July 24, 2012 at 10:17am

They said the investor is Wells Fargo Mortgage backed securities.  What does that mean and who do I contact?

Permalink Reply by Ellen Kirwan on July 24, 2012 at 10:40am

and thank you for your response :-)

Permalink Reply by Ben Benita on July 24, 2012 at 1:59pm

If Wells Fargo is the Investor, it means it is their money at stake and THEY will own the property if it goes to foreclosure.

WHo the Selelr writes their check to is the "Servicer" on the loan, and, the "Investor" is the entity that put up the cashola for the Seller to buy the home.

Most likely you just need a good contact or two, or, someone to be a TOTAL PAIN IN THE BACKSIDE to the bank and push for "an exception to guidelines"

Best case - they let it go through without missed payments

"Worst case" - your seller gets to live in the home FOR FREE for 30 days or more so the "late payments" requirement can be met.

Hang in there.....contact me off here if you want some help or some contacts - [email protected]